** Simon Property Group SPG.N topped market expectations for fourth-quarter funds from operations (FFO) on Monday, as the commercial real estate investment trust (REIT) benefited from strong leasing demand at its malls and shopping centers
** The median PT of 18 brokerages covering the stock is $144
CONSERVATIVE FORECAST
** Piper Sandler ("overweight," PT: $172) says co has $1.5 bln in free cash flow to reinvest after dividends which is matched by few other REIT peers, leading to a ~2% growth in funds from operations (FFO) growth yearly
** Wth minimal headwinds, co should continue to earn higher profits- Piper
** Jefferies ("hold," PT: $135) says weaker than expected forecast could create pressure
** Evercore ISI ("in line," PT: $142) says some of the headwinds driving slower growth is higher interest expense from upcoming debt refinancing and some development slowdown -term
** Adds, co forecasts "conservatively" for 2024
** J.P.Morgan ("") that further monetization of co's Other Platform Investments(OPI) in the quarter was a "positive" as it introduces more stability into SPG's earnings and also gives it capital to reinvest in core real-estate
(Reporting by Priyadarshini Basu in Bengaluru)